IBERSOL | Annual Report 2020

Consolidated Financial Statements In August 2020, IASB issued the Interest Rate Reference Reform - Phase 2, which changes IFRS 9 Financial Instruments, IAS 39 Financial Instruments: Recognition and Measurement, IFRS 7 Financial Instruments: Disclosures, IFRS 4 Insurance Con- tracts and IFRS 16 Leases. The purpose of these changes is to help entities provide useful information to us- ers of financial statements and to assist preparers in applying IFRS standards when changes are made to contractual cash flows or hedging relationships as a result of the transition from an interest rate. IBOR reference rate for alternative reference rates, in the context of the ongoing risk-free rate reform (‘IBOR reform’). The changes are the result of the second phase of the IASB project, which deals with the accounting impacts of the IBOR reform, which led to the Interest Rate Refer- ence Reform (Amendments to IFRS 9, IAS 39 and IFRS 7) issued by the IASB on 26 September 2019. They complement the first phase of the project that dealt with the accounting impacts of pre-replacement of the IBOR reform and which were issued by the IASB in 2019. The amendments must be applied retrospectively for annual periods beginning on or after 1 January 2021, with early application permitted. The Group is currently evaluating the impacts that this standard will have on its fi- nancial statements. b) Extension of the temporary exemption from application of IFRS 9 (amendments to IFRS 4) IASB issued “Extension of the Temporary Exemption from Application of IFRS 9 (Amendments to IFRS 4) on 25 June 2020. The purpose of the amendments is to extend the expiry date of the temporary ex- emption from the application of IFRS 9 by two years (ie, from 2021 to 2023), in order to align the effective dates of IFRS 9 Financial Instruments with IFRS 17 Contracts for Safe. Not applicable to the Group’s activity sector. 2.2.4. Standards, changes and interpretations issued (but not yet effective for the company), for which no significant impacts are estimated: a) References to the Conceptual Framework (changes to IFRS 3) In May 2020, IASB issued “References to the Conceptual Framework”, changing IFRS 3 Business Concentration. The amendments updated IFRS 3, replacing the reference to an old version of the Conceptual Framework with a reference to the most recent version, which was is- sued in March 2018. The changes must be applied to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or 314